Be it U.S. ship or foreign ship, once landing the imports in New York or Boston or Philadelphia they would still have to sail empty to a southern port to load up on cotton for the return trip to Europe. Foreign ships because they could not move cargo from one U.S. port to another even if their had been any, U.S. ships because what was there to take to the southern port?
They would under the navigation act of 1817, but they wouldn't in a seceded CSA.
Foreign ships because they could not move cargo from one U.S. port to another even if their had been any, U.S. ships because what was there to take to the southern port?
The market would sort itself out. The Northerners, not having the previous supply of money they used to have, would buy less, and the Southerners, having substantially more money than they did before, would buy more.
What would they buy? Dunno, but I do know they would buy stuff because what else would they do with the money?